Founders: Shane Skinner & Damon Haber
Pitch: Record360 is the digital documentation and asset management reporting app taking the asset-condition guesswork out of the property exchange process.
Twice in the past year, I dropped my car off at my parking garage in Brooklyn only to get it back the following day with a scratch. Both times led to an argument with the garage attendant who assured me the scratch was there when I dropped the car off.
I love the idea behind Record360. I can use their app on my smartphone to record a video of my car each time I drop it off. A time-stamped video stored by a third party would have been a great arbiter of my past disputes and would have convinced the garage to pay for the repairs done to my car.
This type of service becomes more important for companies operating in the growing “shared economy,” as more people look to monetize their homes on Airbnb and cars on Getaround. Services like Record360 will likely enable even more activity to take place in the shared economy space as people become more confident that their valuables will be protected and they can avoid unnecessary disputes.
To take asset-condition guesswork out of the property exchange process by documenting property condition quickly and easily, for both businesses and consumers.
The “sharing economy” is a disruptive force driving significant economic growth. There are 2 things at play: societal and attitudinal changes around property ownership, as well as technology that is giving rise to new business opportunities, from small entrepreneurs to larger organizations such as Airbnb and Zipcar.
One of the realities of this new sector is the need to document property condition at the time of exchange. Damage disputes create anxiety, impact relationships and customer satisfaction and cause negative press and reviews. In the future, all asset documentation will be done digitally and become integrated into every major property rental service.
Record360 is targeting both businesses and consumers with our app. On the business side, according to trade organizations in our core verticals, there’s over a billion transactions done annually in verticals such as car rental, equipment rental, car share programs, dealership exchanges, body shops, moving, towing, transport companies and so on. On the consumer side, for those participating in the sharing economy, well… the sky’s the limit.
Product Or Service:
We’re doing away with damage disputes! Record360 is the digital documentation, asset management and recording app. Whether you are renting, sharing or simply documenting, Record360 provides high quality, time-stamped, geo-tagged records of property at the time of exchange. The app lets you use your phone or tablet’s built-in camera, highlighting and notating areas of interest and damage on your rental car, vacation property or anything. Companies can also customize the app to suit their workflow and integrate into their existing processes.
As an example, here we’ve used a toy car. They can take video or photos of the asset and capture specific points of interest by touching the screen. These captured images can then be tagged with default notations based on industry, or customized by the customer to provide a detailed reference. Then, the transaction is uploaded, time-stamped and geo-tagged to our secure repository. Email summaries and reports can also be customized and generated.
There are two use cases that could follow: first, from a renter who uses the consumer version of Record360 to document existing damage. If he or she returns the rental car and the company notes damage and tries to pin it on the renter, the renter has evidence that the damage was already there by referring to the Record360 upload.
The second use case is a business using the enterprise version of Record360. If new damage is documented after a renter returns the vehicle and the renter disputes this, the rental car company can easily show documented condition of the car at check-out and prove that the damage happened during that rental period.
Real and Vaporware:
The Record360 app was launched in June 2015 and we have over 75,000 transactions recorded. Our vision includes not just constant optimization of the app and its functionality, but greater degrees of fidelity around asset management and data analytics to give companies a complete view on all their assets and condition by location, manager and other customizable filters.
The company’s two founders, myself and Damon Haber, have over 35 years of experience in the rental car industry with Enterprise Holdings. Over the course of our careers there, we were losing a ton of money through missed damage, dispute write-offs and we were upsetting a lot of our customers in the process. So we set out to change this and use technology to solve an age-old problem. As the app development evolved, it became apparent that many other industries had similar issues where asset conditions mattered, and where documenting property condition or having indisputable evidence were required. We have the team and experience to ensure that Record360 becomes an essential tool of the sharing economy.
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